has sold its 30 per cent stake in Fidante Partners infrastructure affiliate manager Whitehelm Capital to PATRIZIA for $50 million.
The news comes after the investment firm entered into an agreement with PATRIZIA, who already owns 70 per cent of Whitehelm, in September last year.
“The sale provided a unique and compelling opportunity for Challenger to deliver value to Challenger’s shareholders whilst ensuring continuity for Whitehelm’s clients and business operations,” said acting chief executive funds management, Michael Clarke.
“Fidante Partners has launched multiple new affiliates in the past 5 years and has an exciting pipeline of opportunities, and Challenger will continue to invest into our leading Funds Management platform to support its future growth.”
Shares in Challenger (ASX:CGF)
are trading 1.7 per cent higher at $5.98.